Charts tilt a bit more bullish – Scotiabank

GBP/USD continues to pivot around 1.2600. Economists at Scotiabank analyze the pair’s outlook.

Medium-term support at 1.2500/1.2520 looks solid

Short-term price action looks a little soft but the weekly pattern of trade is shaping up a little more constructively for the Pound Sterling (GBP), with a solid rebound from the early week low putting a potential bull ‘hammer’ signal on the weekly chart (contingent on a high close for the GBP today). 

Medium-term support at 1.2500/1.2520 looks solid now. Intraday support is 1.2575.

Resistance is 1.2640.